Common use of BID, PERFORMANCE AND PAYMENT SECURITY Clause in Contracts

BID, PERFORMANCE AND PAYMENT SECURITY. 1. The Mayor's Office of Construction or Agency Chief Contracting Officer ("ACCO") may require the submission of security in an amount and type specified on Page I. 2. The Agency Chief Contracting Officer ("ACCO") or Director of Construction may require performance security in the amount specified on Page I. The performance security shall be delivered by the Contractor to the City when the Contract is signed by the Commissioner or his/her designee. If a Contractor fails to deliver the required performance security, the award shall be rescinded, the Contractor's Bid security shall be enforced, the Contract may be awarded to the next lowest responsive and responsible Bidder, or the Contract may be rebid.